Interface's FY 2015 Sales On Par with FY 2014, Net Income Rises 77.4%

LaGrange, GA, February 25, 2016—Interface reported net sales of $1.0 billion in U.S. dollars for the 2015 fiscal year, flat with net sales in fiscal year 2014.

The company reported net income of $72.4 million, or $1.10 per share, for FY 2015. This is a 77.4% improvement compared with net income of $41.2 million, or $0.62 per share, in 2014, excluding a restructuring and asset impairment charge and $12.0 million of debt retirement costs last year. With those items included, net income for 2014 was $24.8 million, or $0.37 per share.

Q4 Results

Interface’s sales for Q4 2015 were $246.6 million, down 9.4%.

“By region, sales in Americas was down 8% adjusted for FX [foreign exchange]. Corporate office sales were down 12% and non-office sales were down 7%. These results were decided deceleration. Hospitality and retail were both up with government and education offsetting the increase. FLOR was down 1.5% y/y [year over year]. The 4Q comparison was more difficult with an 11.8% growth in the prior year in the Americas,” reports analyst Stifel.